Economy

The president of the planned Georgia Skyline Bank says he's cautiously optimistic that his group can raise $35 million of startup capital in time for an opening early next year.

Senate Banking Committee ranking member Elizabeth Warren, D-Mass., is urging the Federal Deposit Insurance Corp. not to approve new Industrial Loan Company charters until Congress passes a law subjecting ILCs to bank holding company rules.

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

The Buffalo-based bank said Thursday that the paring of its CRE loan book, which has nearly halved in volume over the last three years, may be near its inflection point.

The Bank of New York Mellon had 117 different AI solutions in production at the end of September, Chairman and CEO Robin Vince said. That's up 75% from the second quarter.

Treasury laid off all of its Community Development Financial Institution Fund staff on Friday, with the reduction in force notices saying that the department plans on abolishing the fund.

Federal Reserve Chair Jerome Powell acknowledged skepticism around the central banks large-scale asset purchases during the pandemic, noting the Fed likely "should have stopped" sooner, but fell short of admitting that the purchase of MBS' contributed to housing disparities.

Community Development Financial Institutions grew rapidly in recent years. Now, though, they face a slowdown. All CDFIs will have to get leaner and more efficient. For many, mergers might be the best solution.

The Office of Management and Budget issued reduction in force notices to Treasury staff working in the Community Development Financial Institution office Friday, saying that the layoffs are necessary to "implement the abolishment" of the fund.

Federal Reserve Gov. Michael Barr said in a speech Thursday that he fears the gradual pace of price increases from tariffs being passed on to consumers may prolong the one-time inflationary effect of the tariffs to the point where it affects consumers' inflation expectations.